A Meta filing says CEO Mark Zuckerberg is considering leaving California if voters approve a one-time 5% tax on billionaires. The development confirms earlier 2026 reports that he was exploring a move, including purchasing property in Florida. [5, 7]
The proposal, officially known as Proposition 40, will be on the ballot in November 2026. It would apply to California residents with a net worth exceeding $1 billion. [11, 18]
The proposal has drawn controversy. Google co-founders are among the prominent billionaires who have reportedly moved out of California. [2, 3]
A recent Stanford study warned that wealthy residents leaving the state could cause the tax to backfire and result in a net revenue loss for California. [2]